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Brent crude rose 27 cents, or 0.6%, to $49.11 a barrel by 1218
GMT. U.S. West Texas Intermediate (WTI) crude CLc1> climbed 22
cents, up 0.5%, to $45.82.
The American Petroleum Institute (API) said on Tuesday that U.S.
crude oil, gasoline and distillate stocks rose sharply last
week, with crude stocks jumping by 1.14 million barrels against
analyst forecasts for a draw of 1.42 million barrels. [API/S]
Official weekly oil data from the U.S. Energy Information
Administration (EIA) is due later on Wednesday. [EIA/S]
"Although vaccine roll outs have already begun in some
countries, their impact will not be felt for a while yet,"
Stephen Brennock of oil broker PVM said.
Britain began mass vaccinations on Tuesday. Expectations that
others will soon follow helped offset fears about a sharp rise
in coronavirus cases globally that has led to new restrictions
on movements around the world.
The vaccine news helped offset some fears from a sharp rise in
coronavirus cases globally that has led to a string of renewed
lockdowns, including strict measures in California, Germany and
South Korea.
"The worsening COVID situation, in particular in Europe, is
weighing on prices," research firm JBC Energy said.
Hedge fund managers were substantial buyers of petroleum futures
and options last week for a fourth week in a row, a sign of
increasing confidence that coronavirus vaccines will drive a
recovery in oil consumption next year.
On the supply front, the EIA said U.S. crude oil production was
expected to slide next year by 240,000 barrels per day (bpd) to
11.10 million bpd, a smaller decline than its previous forecast
for a slide of 290,000 bpd.
(Reporting by Noah Browning and Yuka Obayashi; Editing by Edmund
Blair, Kirsten Donovan)
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